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NNPCL has failed to remit N13.763 trillion in revenue to the Federation account, covering a period between 2012 and 2024.
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According to a document obtained from the Federal Accounts Allocation Committee, only N13.524 trillion was deposited into the Federation account out of N27.28 trillion payable from sales of domestic crude within the period.
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This development follows recent accusations of diverted funds and unremitted taxes.
The Nigerian National Petroleum Company Limited (NNPCL) has failed to remit a staggering N13.763 trillion in revenue to the Federation account, covering a period between 2012 and 2024.
This revelation comes from a document obtained from the Federal Accounts Allocation Committee after its January 2025 meeting on Wednesday.
According to the document, out of N27.28 trillion payable from sales of domestic crude within the period, only N13.524 trillion was deposited into the Federation account, leaving N13.763 trillion unremitted.
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This discrepancy raises concerns about NNPCL’s revenue from crude sales and what is actually remitted to the Federation account.
The development follows a recent accusation by the Auditor-General of the Federation, which claimed that NNPCL diverted a total sum of N2.68 trillion and $9.77 trillion in the last four years. Similarly, the Nigeria Extractive Industry Transparency Initiative also accused the NNPCL of failing to remit N3.6 trillion in taxes to the government.
The Public Accounts Committee has initiated an investigation into the outstanding debts worth $1.6 billion in royalties owed to the Federation Account by NNPCL and oil companies.
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This statement was made by NNPC’s Group Chief Executive Officer, Kyari, at the 60th Nigeria Mining and Geosciences Society (NMGS) Conference in Abuja.